(As of 7:14 am PST)
Cyprus has faded into
background noise in today’s market action.
A strong durable goods order is breathing life back into a market that
choked on yesterday’s European action. The
durable goods number was a strong plus 5.7%, but excluding the volatile
aircraft and defense sectors, it was slightly negative. Real estate prices increased the most in six
years in another of many signs that the housing sector is regaining its
footing. Positive momentum regains the
edge but the basis of the change is not that solid, with investors giving way
too much emphasis on middling reports.
Gold is down a half percent while oil is up about one percent, along
with most other commodities. Interest
rates are trending up while the dollar is down against most other
currencies. Expect wishy washy market
action with investors trying to interpret mixed data.
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